Benefits and Assistance
The Appeals Process
The NIB Programme
NIB Act and Regulations
Official Gazette Prescription Drug Fund Act 2009
New STB Forms
Employment at NIB
Employer Self Service
Benefit & Assistance
Flyers and Display Ads
New Providence Offices
Grand Bahama Offices
Family Island Offices
Benefits and Assistance
Response to Tribune article
Minister Sears makes Inaugural Visit to NIB
9/22/2023 6:49:12 PM
Nassau, Bahamas - Newly appointed Minister for Immigration and National Insurance, The Hon. Alfred S...
Bahamas 50th Anniversary Activities Around the Board
7/24/2023 3:35:37 PM
The Bahamas 50th Independence celebrations around the National Insurance Board - Bahamas...
Request for Expression Of Interest General Building Repairs Poncianna Hill Complex
7/3/2023 2:50:10 PM
The National Insurance board (NIB) is soliciting expressions of interest from qualified Bahamian Con...
Registration and Contributions
Response to Tribune article
4/9/2009 12:00:00 AM
Response to Tribune article, Thursday April 9th, 2009
Derek Osborne, Consultant Actuary at the National Insurance Board is advising the public that though the 8th Actuarial Review of the National Insurance Fund, which includes long-term projections of the Fund and recommendations aimed at enhancing the Fund’s long-term sustainability as well as its ongoing relevance, has been completed, it has not yet been tabled in Parliament as is required by law. He says until the report is tabled and accepted by Government, he is restricted from making public its findings and recommendations. However, an article in the Tribune’s business section of April 9, 2009, makes references to the unofficial report, and so in an attempt to clear up any misunderstanding that may arise from the article, Osborne stated the following facts as it relates to the current status and projected outlook for the National Insurance Fund.
“The National Insurance Fund now has assets of $1.6 billion. The current contribution rate of 8.8% has been unchanged since the inception of the Scheme in 1974. Long-term projections of the Fund presented in periodic actuarial reviews have always indicated that this contribution rate would not be adequate to sustain the Fund indefinitely, and that rate increases would be required as the scheme matures.
“National pension systems are financed differently from private pension systems. It is important that private pension plans be fully funded to ensure that if the employer goes out of business that pension assets are sufficient to meet liabilities. For public social security systems, however, full funding is not important and thus the contribution rate in early years is often set well below the actuarial cost of benefits. In fact, full funding is inadvisable in most cases given the significant economic, investment and political risks associated with the massive asset pool that would build up. If the National Insurance Plan were fully funded it would have assets of more than 5 times its current size with little opportunities to invest these assets prudently.
“As stated in the National Insurance Fund’s 2007 Financial Statement, the current Fund ($1.6 billion) together with future contributions at 8.8% will not be sufficient to meet future obligations by approximately $8 billion. These projections are made for illustrative purposes only and are based on there being no changes to the contribution rate or benefit provisions in the next 60 years, a situation that is not expected. This shortfall is consistent with the way the scheme is designed and does not in any way infer that the National Insurance Fund is currently in crisis or needs to make drastic changes to benefit provisions or the contribution rate to reduce this projected deficit.”
Osborne stresses that National Insurance is too important a program for it to ever go broke and there should be no doubt that governments will act in a timely manner to ensure that the Fund remains sustainable for future generations.
Enter the code from the picture
Office Closure - Fox Hill
8/9/2022 8:37:37 AM
Biennial Adjustments Pensions and Grants
7/13/2022 3:33:42 PM
The 2010 Amendments made to The National Insurance Regulations introduced automatic biennial adjustments to grants and pensions.
Happy 49th Independence Bahamas
7/8/2022 10:35:12 AM
Happy 49th Independence Bahamas!
MAIN GENERATOR AND I.T. GENERATOR SYSTEMS
7/7/2022 4:01:42 PM
The National Insurance Board (NIB) is seeking to purchase and install two (2) new generator systems, (1). Main building generator power supply (2). I.T. department generator power supply, at NIB
Proposal for The National Insurance Board Mobile Application Solution
7/7/2022 12:50:09 PM
The National Insurance Board (NIB) invites suitably qualified firms to submit a proposal for the design, development, and deployment of a Mobile Application for submitting social security contribution statements and payments.
THE NATIONAL INSURANCE BOARD RESPONDS TO PUBLIC STATEMENTS
7/7/2022 12:13:39 PM
The National Insurance Board (NIB) has taken note of public statements made on July 6, 2022 in relation to the operations of the NIB and certain properties owned by NIB.
RSS Member Login
Pension Payments 2022
Contributions Rates & Ceiling 2022
NIB Value Added Tax TIN
Know Your Contributions Facility Instructions
Employers can request Letters of Good Standing
NIB COVID 19 Updates
11th Actuarial Review
10th Actuarial Review
2019 Annual Report
2018 Annual Report
2017 Annual Report
2016 Annual Report
2015 Annual Report
2014 Annual Report
2013 Annual Report
2012 Annual Report
9th Actuarial Review
2011 Annual Report
2009 Annual Report
2010 Annual Report
2008 Annual Report
2005 SSRC Report
8th Actuarial Review
7th Actuarial Review